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369 1425987571516.Pdf This Annual Report is published within three months of the date of the Statement of Financial Position. The web version is also published online on the same date as the date of issue of this Annual Report at www.combank.lk Our ‘way of life’; the ethics we espouse; our practices and processes; our principles and beliefs; our interaction with different communities…all of these speak of a strong culture unique to Commercial Bank. It has evolved over generations and today, the Bank enjoys steady and consistent growth and success because of it. Stakeholder inclusiveness pervades every facet of the Combank culture and Way. We are shaped and in turn shape our enterprise by listening closely to ‘the voice of the stakeholder’, learning and taking on board what needs to be done to remain people oriented, successful and sustainable. Welcome to Combanking! A cross section of stakeholder perceptions of the Bank appears throughout this report. Contents About the Bank 3 Annual Report of the Board of Directors 194 Executive Summary 4 Statement of Directors’ Responsibility 206 Highlights of the Year 6 Directors’ Statement on Internal Control 208 Letter from the Chairman 8 Assurance Report on Internal Control 210 Managing Director’s Review 12 Managing Director’s and 211 Directors' Interest in Contracts with the Bank 212 Management Discussion and Analysis 15 Other Disclosure Requirements Under the Prescribed Format Issued by the Central Bank of Sri Lanka for Preparation of Review of the Macroeconomic Environment 16 Annual Financial Statements of Licensed Commercial Banks 213 Our Business Model 24 Managing Risk at Commercial Bank 218 Strategic Imperatives 28 Investor Relations Supplement 246 Risks and Uncertainties 29 Financial Review 31 Operational Review by Division 42 Financial Reports 263 Future Outlook 62 Financial Calendar 265 Strategic Direction of the Bank 64 Independent Auditors’ Report 266 Financial Statements – Table of Contents 267 Sustainability Report 69 Financial Statements Highlights – Bank 268 Income Statement 269 Reporting Parameters 70 270 Material Aspects and Boundaries 71 Statement of Financial Position 271 Stakeholder Engagement 75 Statement of Changes in Equity 272 Economic Sustainability 79 Statement of Cash Flows 276 Product Responsibility 84 Notes to the Financial Statements 277 Human Resources Management 90 Societal Responsibility 101 Environmental Responsibility 111 Supplementary Information 407 Independent Assurance Report to Commercial Bank of Ceylon PLC 113 Group Structure 408 Key Performance Indicators (KPIs) - 2014 115 Awards and Accolades 409 Independent Assurance Statement on Non-Financial Reporting 116 Income Statement (US $) 410 GRI Content Index: “In accordance” - Core 119 Statement of Financial Position (US $) 411 Decade at a Glance 412 Stewardship 127 Events – 2014 416 Correspondent Banks 418 Board of Directors 128 Historical Landmarks 420 Corporate Management 132 Glossary of Financial and Banking Terms 421 Senior Management 136 Alphabetical Index 423 Corporate Governance 142 Notice of Meeting – AGM 424 Board Sub Committee Reports Circular to Shareholders on the Final Dividend for 2014 426 Board Human Resources and Remuneration Committee Report 183 Notice of Meeting – EGM 428 Board Integrated Risk Management Committee Report 185 Circular to Shareholders on Proposed ESOP 429 Board Nomination Committee Report 187 Form of Proxy (Voting Shareholders) – AGM Enclosed Board Audit Committee Report 188 Form of Proxy (Non-Voting Shareholders) – AGM Enclosed Board Credit Committee Report 191 Form of Proxy (Voting Shareholders) – EGM Enclosed Board Technology Committee Report 192 Form of Proxy (Non-Voting Shareholders) – EGM Enclosed Board Investment Committee Report 192 Stakeholder Feedback Form Enclosed Board Related Party Transactions Review Committee Report 193 Corporate Information Inner Back Cover Scan to view the online version of this Annual Report http://combank2014.annualreports.lk Commercial Bank of Ceylon PLC is a licensed commercial bank and a public limited liability company with its ordinary shares listed on the Main Board of the Colombo Stock Exchange. As of the end of 2014, the Bank had a market capitalisation of more than US $1 Bn. – the largest of all financial institutions in Sri Lanka and third among all listed entities. Consistently recognised for excellence by a wide range of professional organisations, Commercial Bank is Sri Lanka’s most awarded bank and the only institution in the country included in The Banker magazine’s annual ranking of the Top 1000 World Banks for four consecutive years. To be the most technologically advanced, innovative and customer-friendly financial services organisation in Sri Lanka, poised for further expansion in South Asia. Providing reliable, innovative, customer-friendly financial services, utilising cutting-edge technology and focusing continuously on productivity improvement whilst developing our staff and acquiring necessary expertise to expand locally and regionally. 4 Commercial Bank of Ceylon PLC Annual Report 2014 Commercial Bank performed exceptionally Despite shrinking interest margins, we achieved well in 2014, surpassing Rs. 10.0 Bn. mark in post- growth in net interest income through judicious tax profits for the third consecutive year leading funds management strategies – notably increased the shareholders’ equity to grow by over 15% and investment in Government Securities. In parallel, enabling the declaration of a 50% of profit after as a capital management mechanism, we have taxation in total dividends. implemented a strategy to diversify our activities, with a particular focus on fee-based income. In The Bank sustained this solid performance despite 2014, the Bank recorded a growth of Rs. 582 Mn. or an operating environment characterised by low 14%, in net fees and commission income, mainly interest rates, muted credit growth and steadily from cards and trade finance, as well as remittances tightening margins. With our stable business from expatriates – a market that grew nationally by model, exemplary balance sheet and the entire 8% over the past year. We also gained additional organisation working as an integrated team, fee-based income from our Bancassurance business we found innovative and differentiating ways to line, which signed up several additional insurance delight customers, attracting new business while partners and launched a campaign of more strengthening existing relationships. targeted promotions. Commercial Bank currently has a market share of The Bank’s geographical footprint continued to grow about 11–12% in Sri Lanka, measured by assets, in 2014, reaching a total of 239 branches. We also deposits and net advances. Total asset base was carried on expanding our ATM network, passing nearing Rs. 800 Bn. at the end of 2014, a gain of the 600-machine milestone in September. And we 31% over the previous year. Annual volume growth opened our first 24-hour automated banking centre in both deposits and advances exceeded the en route to our goal of establishing 15 such facilities Sri Lankan industry average. by the end of 2017. Despite sluggish demand for credit throughout Commercial Bank continues to lead the Sri Lankan 2014, the Bank’s lending portfolio grew appreciably, market in offering alternative banking channels helping to raise overall profits. We continue to enabled by digital and mobile technologies. benefit from an ongoing demographic shift as we Initiatives launched in 2014 included expansion of tailor products and services to the needs of an our mobile and online offerings, the introduction increasingly affluent consumer base. As of of cash/cheque deposit machines and innovations December 2014, the Bank had granted new loans such as digital cheque imaging and cash withdrawals totalling Rs. 84 Bn., an increase of 22% over the using mobile wallets – both unique services in previous year. Sri Lanka. In early 2014, we introduced a mobile app for Android smartphones offering similar At the same time, we were able to significantly functionality and features as our earlier Apple iPhone reduce the Bank’s non-performing advances (NPA) app. And in September we launched a Corporate ratio by recovering several large-scale advances, Online Banking solution designed to be as easy to auctioning unredeemed pawned articles in a use as our personal banking platform. timely manner, closely monitoring non-performing accounts and undertaking effective recovery actions. Annual Report 2014 Commercial Bank of Ceylon PLC 5 EXECUTIVE SUMMARY Corporate finance was another area of renewed The Bank’s capital adequacy ratios were well above focus in 2014, fuelled by lower interest rates. the minimum ratios stipulated by the Central Excellent stock market performance, following Bank, leaving a healthy leeway to expand business three relatively subdued years, also helped to volumes. We have developed a formal capital stimulate activity. To strengthen our broadening management policy with clearly defined objectives scope of services in this area, we relaunched for maintaining appropriate capital levels, ensuring our corporate finance unit as Commercial Bank sufficient leeway for future business expansion while Investment Banking. maintaining the required cushion to absorb any potential losses. In 2014, the Bank also acquired a 100% stake in Indra Finance Ltd., augmenting our portfolio with Our solid performance reflects a deeper strength vehicle leases and other products designed for a that has made Commercial Bank a Sri Lankan leader. market segment that we
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